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Vodafone India Appliesfor Payment BankLicence, ExploresPartnerships (1 Viewer)


28 Sep 2013
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Vodafone India on Tuesday said it has
applied for a payment bank licence and
is exploring options for partnerships for
the proposed banking venture.

"Vodafone has filed an application with
Reserve Bank of India (RBI) for the
Payment Bank licence. We are exploring
options for partnerships," the company
said in a statement.

Corporates, including RIL , Aditya Birla,
Bharti Airtel and Future Group, are
among at least a dozen entities that hav
also sought licence from RBI to set up
payment or small finance banks, two
niche banking models introduced to pus
financial inclusion and saving habits.
The deadline for submitting the
applications with RBI for such licences
ended on Monday and a final call on
these would be taken by the central ban
in due course.

"We are keen and remain highly
committed to building a financially
inclusive business model leveraging our
telco strengths and experience in the
mobile payments space, fully aligned
with the Government and RBI's vision,"
Vodafone added.

The Reserve Bank on Tuesday said that i
received 72 applications for small financ
banks and 41 applications for payments
banks up to the deadline for submission

Payment banks would be allowed
payments and remittance services
through various channels. However, suc
lenders, cannot issue credit cards or
undertake lending activities.
Small finance bank will primarily
undertake basic banking activities of
acceptance of deposits and lending to
unserved and under-served sections.

Vodafone India Applies for Payment Bank Licence, Explores Partnerships | NDTV Gadgets

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